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In the first version of the letter, Mr Rothschild wrote: "Mr Feldman helpfully suggested that the donation was "channelled" through one of Mr Deripaska's British companies."

In the version of the letter that was published, Mr Rothschild wrote: "it was suggested by Mr Feldman, in a subsequent conversation at which Mr Deripaska was not present, that the donation was "channelled" through one of Mr Deripaska's British companies."

Mr Rothschild also added a new sentence to the second version of his letter. In the final version, he wrote: "Mr Deripaska declined to make any donation."

In a statement, Mr Osborne and Mr Feldman said of the meeting on the yacht: "There was no conversation of any kind about political donations."

Conservative sources also disputed Mr Rothschild's statement that "Mr Deripaska declined to make any donation."

They claim that weeks after the yacht meeting, Mr Rothschild was still talking to Mr Feldman about Mr Deripaska donating money.

The Osborne-Feldman statement said that on September 18 Mr Feldman and Mr Rothschild had a phone conversation about the possibility of Mr Rothschild hosting a fundraising dinner for the Conservative Party.

The Tory statement said: "At the end of that conversation Mr Rothschild mentioned that Leyland Daf, a UK trading company owned by Mr Deripaska, was interested in making a donation to the party."

As well as the two versions of the letter in the public domain, it is believed that a third version exists, bearing more changes that Mr Rothschild wanted to make but which came too late for the Times to publish in its Tuesday edition.

Tory sources last night said the changes in Mr Rothschild's letter showed that he had "changed his story."